With Treasuries yielding next to nothing, investors are looking for new ways to squeeze out more income from bonds. Where to find bargains in munis, junk bonds, emerging markets, and banks bonds.

The 30-year bull market in U.S. Bonds has reduced yields to paltry levels. The 10-year Treasury yield spent much of the past week below 1.6%. Its half-century average is over 6%.

Because bond prices move in the opposite direction as yields, investors who buy longer maturities to pick up extra yield can suffer losses if interest rates jump. Those who stick with short maturities may have it even worse. Yields there are so low that a million dollars placed in six-month Treasuries generates annualized income of barely $1,000....